NY State Senate Bill 2017-S2328

Archive: Last Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to finance
Jan 13, 2017	referred to finance

2017-S2328 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Appropriations
Laws Affected:: Amd §13, add §423-d, R & SS L; amd §98-a, St Fin L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S2329
2011-2012: S3006
2013-2014: S1822
2015-2016: S4806

2017-S2328 (ACTIVE) - Summary

Relates to investments by the comptroller; requires the comptroller to comply with provisions of the executive law relating to participation by minority- and women-owned businesses in awarding contracts for investment services for the common retirement fund; creates commission to investigate investment practices of the comptroller's office and appropriates $500,000 therefor.

2017-S2328 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2328

 TITLE OF BILL :  An act to amend the retirement and social security
law and the state finance law, in relation to investment of the common
retirement fund by the comptroller and creating an independent
comptroller investment review commission, and making an appropriation
therefor

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1 amends Section 13 of the Retirement and Social Security Law
and Section 98-a of the State Finance Law in relation to the New York
State Comptrollers investment of the New York State Comptrollers
Retirement Fund.

 PURPOSE OF BILL :

To create a free standing commission that will have as its mandate the
monitoring and reporting of investment decisions of the Common
Retirement Fund made by the New York State Comptroller.  The
Commission will report to the Governor and the New York State.

 JUSTIFICATION :

By definition the New York State Common Retirement Fund P,Fund") is
comprised of all of the assets of income of the Employee's Retirement

System; and of the Policemen's and Firemen's Retirement System.
Together there are over 650,000 contributors in addition to the
approximate 315,000 pensioners and beneficiaries in the System,
bringing the total number of participants to more than 965,000. The
Fund is among the largest state sponsored fund in the United States.

The New York State Comptroller is the administrative head and
fiduciary of the Retirement System. As sole trustee, the State
Comptrollers directly answerable to retirees and shall invest the
available monies of the Fund in any investments and securities
authorized by law for each retirement system. The management of such
fund Significantly affects publicly held companies, the securities
markets and the economy as a whole. More directly, the fund affects
taxpayers and the many state retirees who rely on the funds for their
pensions and other benefits. In fact, a large percentage of the
contributions are generated by employees who reside in underserved
economically at risk communities who would greatly benefit from sound
social institutional investments. Social investments by way of
corporate civic funds, for example, does not require a change in how
fund managers do business rather it enables fund managers to finance
projects that benefit the community through the creation of jobs and
diversified economic growth.

As such, as a matter of public policy, the Comptroller Investment
Review Commission is established as a monitoring and reporting body of
the state comptroller's office to assure an institutional commitment
to advancing the social investment market.

 PRIOR LEGISLATIVE HISTORY :

New Legislation.

 FISCAL IMPLICATIONS :

$500,000

 EFFECTIVE DATE :
This act shall take effect immediately.

2017-S2328 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2328
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced by Sen. ALCANTARA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN  ACT  to  amend  the retirement and social security law and the state
   finance law, in relation to investment of the common  retirement  fund
   by  the comptroller and creating an independent comptroller investment
   review commission, and making an appropriation therefor
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  13  of the retirement and social security law is
 amended by adding a new subdivision l to read as follows:
   L. CONSISTENT WITH THE COMPTROLLER'S ROLE AS THE  ADMINISTRATIVE  HEAD
 OF  THE  RETIREMENT  SYSTEM AND SOLE TRUSTEE AND FIDUCIARY OF THE COMMON
 RETIREMENT FUND, THE COMPTROLLER SHALL COMPLY WITH THE  REQUIREMENTS  OF
 ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR
 INVESTMENT SERVICES.
   §  2. Section 98-a of the state finance law is amended by adding a new
 subdivision 3 to read as follows:
   3. THE COMPTROLLER SHALL  COMPLY  WITH  THE  REQUIREMENTS  OF  ARTICLE
 FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR INVEST-
 MENT SERVICES.
   § 3. The retirement and social security law is amended by adding a new
 section 423-d to read as follows:
   §  423-D.  COMPTROLLER INVESTMENT REVIEW COMMISSION. 1. APPOINTMENT OF
 MEMBERS. THERE SHALL BE  ESTABLISHED  A  COMPTROLLER  INVESTMENT  REVIEW
 COMMISSION  TO  CONSIST  OF  ELEVEN  MEMBERS TO BE APPOINTED AS FOLLOWS:
 FIVE MEMBERS SHALL BE APPOINTED BY THE GOVERNOR, TWO  MEMBERS  SHALL  BE
 APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE, TWO MEMBERS SHALL BE
 APPOINTED  BY THE SPEAKER OF THE ASSEMBLY, ONE MEMBER SHALL BE APPOINTED
 BY THE MINORITY LEADER OF THE SENATE AND ONE MEMBER SHALL  BE  APPOINTED
 BY THE MINORITY LEADER OF THE ASSEMBLY. OF THE FIVE MEMBERS APPOINTED BY
 THE  GOVERNOR  ONE  SHALL  BE  SELECTED FROM AMONG THE LEADERSHIP OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD06930-01-7

 S. 2328                             2
 
 UNIONS REPRESENTING POLICE, FIREFIGHTERS OR STATE EMPLOYEES,  ONE  SHALL
 BE AN EXPERT IN THE FIELD OF FINANCIAL INVESTING, AND TWO SHALL BE RETI-
 REES OF A PUBLIC PENSION SYSTEM. MEMBERS SHALL BE REPRESENTATIVE OF BOTH
 THE  UPSTATE  AND DOWNSTATE URBAN AND RURAL GEOGRAPHIC AREAS OF NEW YORK
 STATE AND SHALL ALSO REPRESENT UNDERSERVED, ECONOMICALLY AT-RISK AREAS.
   2. TERMS OF OFFICE; VACANCIES. A. THE TERMS OF OFFICE  OF  MEMBERS  OF
 THE  COMMISSION  SHALL BE FOUR YEARS; PROVIDED THAT INITIAL APPOINTMENTS
 SHALL BE TO STAGGERED TERMS WITH THE MEMBERS APPOINTED  BY  THE  SPEAKER
 AND  MINORITY  LEADER  OF  THE  ASSEMBLY TO INITIAL FOUR-YEAR TERMS, THE
 MEMBERS APPOINTED BY THE TEMPORARY PRESIDENT AND MINORITY LEADER OF  THE
 SENATE TO INITIAL THREE-YEAR TERMS AND MEMBERS APPOINTED BY THE GOVERNOR
 TO  INITIAL TWO-YEAR TERMS. THE MEMBERS OF THE COMMISSION SHALL CONTINUE
 IN OFFICE UNTIL THE EXPIRATION OF THEIR TERMS AND UNTIL THEIR SUCCESSORS
 ARE APPOINTED AND HAVE QUALIFIED. SUCH APPOINTMENTS SHALL BE MADE WITHIN
 ONE YEAR FOLLOWING THE EXPIRATION OF SUCH TERMS.
   B. VACANCIES SHALL BE FILLED FOR THE UNEXPIRED TERMS WITHIN  ONE  YEAR
 OF  THE  DATE  UPON WHICH SUCH VACANCIES OCCUR IN THE SAME MANNER AS THE
 ORIGINAL APPOINTMENT.
   3. MEETINGS. A. THE COMMISSION SHALL MEET AS FREQUENTLY AS  ITS  BUSI-
 NESS MAY REQUIRE, AND AT LEAST TWICE IN EACH YEAR.
   B.  THE  GOVERNOR SHALL DESIGNATE ONE OF THE MEMBERS OF THE COMMISSION
 TO ACT AS ITS CHAIR.
   4. COMPENSATION AND EXPENSES. THE  MEMBERS  OF  THE  COMMISSION  SHALL
 SERVE WITHOUT COMPENSATION OTHER THAN REIMBURSEMENT OF ACTUAL AND NECES-
 SARY EXPENSES.
   5. POWERS AND DUTIES. A.  THE COMMISSION SHALL:
   (1)  MONITOR AND REPORT ON THE TARGETED INVESTMENT PROGRAMS CREATED BY
 THE COMPTROLLER'S OFFICE AND ASSURE THAT CONTRIBUTORS OF  THE  FUND  AND
 THE COMMUNITIES THEY REPRESENT BENEFIT FROM SUCH PROGRAMS.
   (2)  MONITOR  AND REPORT ON THE PROMOTION OF BEST INVESTMENT PRACTICES
 IN URBAN REVITALIZATION TO INCLUDE AFFORDABLE HOUSING, URBAN INFRASTRUC-
 TURE, RETAIL AND OFFICE DEVELOPMENTS, INVESTMENTS IN  SMALL  AND  MEDIUM
 ENTERPRISES AND WOMAN AND MINORITY-OWNED BUSINESSES.
   (3)  MONITOR  AND  REPORT ON THE USE OF WOMEN AND MINORITY-OWNED BUSI-
 NESSES IN THE OPERATIONS OF THE COMPTROLLER'S OFFICE IN ACCORDANCE  WITH
 ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW.
   (4)  MONITOR AND REPORT ON THE USE OF MINORITY AND WOMEN-OWNED BROKER-
 AGE SERVICE PROVIDERS WHEN TRADING FOR THE INTERNALLY MANAGED ASSETS.
   (5) MONITOR AND REPORT ON THE USE OF THE FUND'S EXTERNAL EQUITY MANAG-
 ERS USE OF WOMEN AND MINORITY-OWNED BROKERS.
   (6) MONITOR AND REPORT ON THE USE OF WOMEN AND MINORITY-OWNED FIRMS TO
 EXECUTE LONG-TERM AND SHORT-TERM TRADES.
   (7) MONITOR AND REPORT ON THE ECONOMIC DEVELOPMENT AND  INFRASTRUCTURE
 BUILDING  OF  AT-RISK  COMMUNITIES  OF  THE STATE TO PRESERVE AFFORDABLE
 HOUSING; THE PROVISIONS OF GUARANTEED MARKET RATE LOANS TO  SMALL  BUSI-
 NESSES;  AND PROGRAMS TO ASSIST IN TRANSITION TO NEW ECONOMIES WHERE THE
 MANUFACTURING BASE IS ERODING.
   B. THE COMMISSION SHALL, ON OR BEFORE JANUARY FIFTEENTH OF EACH  YEAR,
 PREPARE A REPORT TO THE COMPTROLLER, THE LEGISLATURE AND THE GOVERNOR ON
 ITS FINDINGS AND RECOMMENDATIONS WITH RESPECT TO THE PROVISIONS OF PARA-
 GRAPH A OF THIS SUBDIVISION.
   §  4.  The sum of five hundred thousand dollars ($500,000), or so much
 thereof as may be necessary, is hereby appropriated for operating  costs
 of the comptroller investment review commission out of any moneys in the
 state  treasury  in the general fund to the credit of the state purposes
 account, not otherwise appropriated, and made immediately available, for

 S. 2328                             3
 
 the purpose of carrying out the provisions  of  this  act.  Such  moneys
 shall be payable on the audit and warrant of the comptroller on vouchers
 certified  or  approved  by  the comptroller in the manner prescribed by
 law.
   § 5. This act shall take effect immediately.

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Senate Bill S2328

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

2017-S2328 (ACTIVE) - Details

2017-S2328 (ACTIVE) - Summary

2017-S2328 (ACTIVE) - Sponsor Memo

2017-S2328 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S2328

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Sponsored By

Marisol Alcantara

Archive: Last Bill Status - In Senate Committee Finance Committee

2017-S2328 (ACTIVE) - Details

2017-S2328 (ACTIVE) - Summary

2017-S2328 (ACTIVE) - Sponsor Memo

2017-S2328 (ACTIVE) - Bill Text download pdf

Comments